$100,000 loan at 1% monthly for 24 months
Using the formula above, a $100,000 loan at a 1% monthly rate over 24 months gives an estimated monthly payment of about $4,707.
Loan payment calculator
Estimate the monthly payment from principal, monthly interest and term.
Calculation details
Change the values to update the result instantly.
How it works
Estimate the monthly payment from principal, monthly interest and term. This free estimate is for planning purposes. Verify financial and tax decisions with a qualified professional.
How the loan payment is calculated
The calculator uses the standard amortization formula: payment = P × m × (1+m)ⁿ ÷ ((1+m)ⁿ − 1), where m is the monthly interest rate and n is the number of months.
What if the interest rate is 0%
With no interest, the formula simplifies to loan amount ÷ number of months.
Monthly versus annual rate
This calculator expects a monthly interest rate. If you only know an annual rate, divide it by 12 first.
Frequently asked questions
How is the monthly loan payment calculated?
The calculator uses the amortization formula: payment = principal × monthly rate × (1+rate)^months ÷ ((1+rate)^months − 1).
What if I only know the annual interest rate?
Divide the annual rate by 12 to get an approximate monthly rate before entering it.
What happens if the interest rate is 0%?
With 0% interest, the payment is simply the loan amount divided by the number of months.
What does the loan payment calculator calculate?
Estimate the monthly payment from principal, monthly interest and term.
Is this calculator free to use?
Yes. You can change the values and calculate as often as you need without creating an account.
How accurate is the result?
The result is an estimate based on the values you enter. Rates, fees, taxes and personal circumstances can change the final amount.